Archive for ‘Gary Lim’

July 17, 2013

Don’t Get It Backwards

One of the common mistakes aspiring entrepreneurs make is to come up with a product idea before they figure out who to sell it to. They fall in love with some concept they’ve been thinking about, perhaps to solve a problem they personally have. Then they create a product to address that problem, and maybe even come up with a good solution for it.

But if very few other people have that same problem, the potential market won’t be very large. The entrepreneur could experience what I call “terminal success”: achieving 100% market share after 10 sales. You’re awesome if you reach 100% market share, but if your market consists of only 10 possible sales, you’re sunk.

Don’t get it backwards. Focus on finding a potential problem to solve, figure out if it’s a big enough market, then create a product to address it. It’s way cheaper to change your focus before you build a product, then to build a product first and find out the market’s too small.

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July 8, 2013

The Best Time to Plant a Tree

The Second Boom has arrived, for Baby Boomers who want to start their own businesses. It’s not too late — I talk about it in my series of 3 training videos that are absolutely free just for opting in. Go here to find out more:

http://www.TheSecondBoom.net

Some people say that Boomers are past their primes. I say, baloney, it’s not too late to figure out a business that fits your passion and knowledge. And an old Chinese proverb says, “The best time to plant a tree was 20 years ago. The second best time is now.”

Start your Second Boom. Make it big.

June 25, 2013

Stay Tuned for The Second Boom

My latest training is soon to be released. I’m reaching out to my fellow members of the Baby Boom Generation with the message that it’s not too late to start a business that could become your Second Boom. I’ve prepared a series of 3 videos with useful tips and methods.

Boomers, stay tuned! If you’re not a Boomer, I’ll make you an honorary one, because you don’t have to be a Boomer to benefit from these tips.

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March 27, 2013

On Extreme Productivity

I came across a recent article by Jeff Haden in Inc. magazine, which appeared in the Huffington Post website, on personal productivity. These 8 steps or tips are things you should keep in mind as you try to get more out of your work or personal day.

The only thing I would add my comment on is #8, “don’t quit until you’re done”. Be sure the task you define is something that can be done in that period of time you have in mind. If you underestimate that, you could be back to where you started from, working indeterminately until you’re done.

And that means you need to know how to take really big projects and cut them into manageable pieces. It’s like the eating contests some restaurants have … “Eat a 48-ounce steak in 45 minutes and it’s free.” I don’t recommend it, but the guys who do this know how to take that 4-pound steak and break it into bite-sized pieces. They certainly don’t try to cram 4 pounds in all at once!

January 10, 2013

Happy New Year

Been on a little bit of a hiatus, working intensely on a new course that I’ll be telling you about soon, but I’m re-surfacing to wish one and all a Happy New Year and best wishes for success and happiness in 2013. Go out and make some stuff happen, with your career, your business, or toward your personal goals.

November 12, 2012

On Hiring “40-Somethings”

A LinkedIn post on Sunday night by a business owner in Belgium created a firestorm of reaction by Monday morning. In her post Why I hesitate to hire forty-somethings, Inge Geerdens put her point across on this delicate subject. As I read it, I could actually see her post being interpreted in one of two ways, either being discriminatory and almost biased, yet also being cautious on how she invests her salary dollars. Or, perhaps, a combination of both.

You read it, and see what you think Geerdens was trying to say. The next day, after she realized the reaction she created, she posted again to explain herself: “I hire on ability, and nothing else.” From the reactions to the more recent post, it’s not clear to me that she was successful in making her point any clearer to them.

With today’s social media technologies, yet another example of how people really must be extra careful of how they express their points of view.

November 5, 2012

Being Productive Working from Home

In a recent guest post entitled “2 Tips for a Productive Freelancer’s Home Office,” which I wrote for the blog $200K Freelancer, I shared 2 tips to help freelancers create a more productive environment from a home office space. These are applicable to anyone in any industry working from a home office, so check out my post to find out what those 2 things are.

November 4, 2012

Uncertainty Redux

My thoughts go out to everyone affected by what is now called Superstorm Sandy. Observations from my previous post about uncertainty pale in comparison to what many face now, millions still with no electricity, two of my family members included as I write this. And many unable to return to their homes for the time being, or perhaps not ever returning to the home they once had. Not to mention the families who lost loved ones because of the storm.

How they all come through it will be the supreme example of handling uncertainty, that none of us hopes we have to face. If you’re one of the many affected by Sandy, I hope your recovery is as quick as it possibly can be.

October 26, 2012

Uncertainty and “What If”

A couple of weeks ago while my dad was visiting my house I had to call 911. Just before the paramedics arrived, things were looking very scary to me since I didn’t know what was happening. After they walked in, he started to look better, and by the time they left for the ER, he seemed to be much better. But I still didn’t know what caused this scary scenario.

I had all sorts of thoughts running through my mind. What if it’s this? What if it’s that? What do we do if it’s this? Or that? How will this or that change his life? I had to remind myself to stop. There was no point thinking myself into a frenzy, until I knew more from the doctors who would examine him and probably run tests.

It occurred to me later that the uncertainty of this scenario is reflected often in business too. Something’s going to change, but you don’t know what, or how it might affect you. Or maybe it won’t affect you at all. But you fret about it even though you don’t have any new information to fret about. And then most of your energy goes into thinking about what if this and what if that.

It’s difficult, but you have to ignore the vicious circle of thoughts and “what ifs” that will swirl around in your head. You must force yourself to not think about things, until you know more. I don’t mean put your head in the sand and act like it’s not there. I just mean you keep looking, listening, awaiting more information, and putting off your worrying and decisions until you know more.

It’s perfectly human to fall into the “what if” trap, but try to be super-human and avoid it. At least until you get enough information.

Oh, about my dad? He ended up being perfectly fine. All tests came back normal, and he walked out of the ER with me later that evening. They really didn’t have any explanation for what happened, other than it’s just one of those things. My dad enjoyed the rest of his visit with us, and returned home.

September 24, 2012

Indecision and Mistakes

A good part of what might hold us back is indecision. We might waffle on whether we should take a certain course of action, and as a result take none. Or we might hestitate to fix a team chemistry problem, wondering if we’ve read the situation incorrectly. And again do nothing. Or we might put off talking to an employee about a performance problem, for fear of not having all the information we need. Meanwhile the problem continues.

There is fear behind indecision — the fear of making a mistake. If we take that specific course of action based on what we know, we fear that we might be making a mistake because of incomplete information. We put off talking to a problem team member, again because we fear that we might be mistaken about whether they’re the problem or not.

And this fear could be in the face of strong and certain feedback that we’re reading the situation correctly, but we still fear making a mistake. A business owner I know, even though he was unhappy with an employee because of multiple job performance issues, was still unsure if he really should bring the subject up. He was afraid he might be wrong.

If you can lose the fear of making a mistake, then you will solve any issues you might have with indecision. I don’t ever mean that you make decisions based on little or no information. But I do want to remind you that we will never feel that we have enough information to make things perfectly obvious, even if we have a ton of information. You just need enough information so you can use your judgment and experience.

And try not to worry about making a mistake. As Teddy Roosevelt once said, “In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” According to Teddy, the wrong thing is better than nothing!